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Binance Exits Nigeria, Discontinues Naira Services Following Government Scrutiny

Binance Exits Nigeria, Discontinue Naira Services Following Government Scrutiny Detained Binance Executives Unable to Attend National Assembly Hearing, Says Lawyer

Crypto exchange giant, Binance quits Nigeria, saying it will discontinue its Nigerian Naira (NGN) services following increased scrutiny from Nigerian government.

Two Binance executives were recently detained in the country, and the exchange’s CEO Richard Teng, has been summoned to appear before a committee.

Nigerian regulators say Binance is operating in the country illegally, with no government approved backing.

The crypto exchange will delist any existing NGN pairs by Thursday, and on Friday any remaining NGN balances in a user account will be converted to USDT.

“Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services,” a company blog post said on Tuesday.

The House of Representatives’ Committee on Financial Crimes summoned Binance CEO Richard Teng to appear by March 4 to address the investigations into alleged money laundering and terror financing, the REPORT AFRIQUE reported.

This Article is Fact-Checked. See Policy.
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